An analysis of Danish culture and tradition

An analysis of Danish culture and tradition My great, great grandfather, Paul Christian Lautrup, a single, caucasian man of 35, migrated from Denmark to the United States. He came from a wealthy family originating in the Danish culture and was educated to become an architect. He was expected to continue in the occupation that his nuclear family had persuaded him to train for in order to be kept in the family will. If he were to move away and not pursue the career that had been expected of him, he would be removed from the family will and lose all his inheritance. Against his familys wishes, he chose to leave Denmark to escape their career demands and to pursue his own interest. He moved to the United States in 1880 to follow his dream of becoming an actor. He made Washington DC his home, where he met his wife Delia whom he had 6 sons with. Unfortunately, he did not succeed in becoming an actor and settled for becoming an architect in the US. This is rather ironic, because he ended up moving away from Denmark and losing all his inheritance only to become an architect in another land. (Lautrup, Paul). Denmark is a small nation nestled within the Scandinavian countries located on the European continent. Denmark, also known as the Kingdom of Denmark, has a tiny population of roughly 5.3 million citizens with only a 69km land border that is shared with Germany; this is the only land connection that Denmark has with Europe through its only peninsula and largest region, called Jutland. Also, Denmarks main realm has 5 major islands, which support most of Denmarks population, accompanied by 406 minor islands. Only around 90 of the 406 minor islands of Denmark are known to be inhabited. Also, Greenland and the Faroe Islands are part of the Kingdom of Denmark. (Bendure, Glenda, and Ned Friary) They are both located in the Atlantic Ocean and considered to be autonomous regions within the Kingdom of Denmark; both have very small populations under 100,000 citizens. Copenhagen is the capital of Denmark and is the nations largest city. Copenhagen is also the biggest and most modern city in all of Scandinavia. Scandinavia includes the countries of Sweden, Norway and Denmark. Over 70% of Denmarks population lives in an urban environment, while most of the population consists of people of Danish ethnicity, although there are a growing number of immigrants from Asian and African nations. (Bendure, Glenda, and Ned Friary) The North Sea is to the west of Denmark and the Baltic Sea is to its east. Denmark is separated by its northern, neighboring, Scandinavian nations of Norway and Sweden by the Kattegat and Skagerrak straits. Sweden, the second closest neighbor to the Danes is cut off from Denmark by only 5km of water named the Oresund strait. Denmarks climate is humid and chilly during the winter, with an average temperature of 34 degrees F and during the drier, summer months, the temperature averages 72 degrees F. (Bendure, Glenda, and Ned Friary) Denmark has gently rolling hills with fertile soil that are at a close range to sea level with no true mountains throughout the nation. There are many lakes, rivers, streams and moors, which create an ideal environment for agricultural prospects. There are no extreme changes in climate due to the Gulf Stream that flows up from the south over Denmarks western borders. Since the land is accessible to the sea, it is a prominent supplier to the ship industry is Northern Europe. Denmark has no point on its land that is more than an hours drive from the sea. There are numerous bays and inlets, which creates gainful opportunity for their prosperous shipping industries. (Bendure, Glenda, and Ned Friary) Some especially important Danish landmarks include: The Tivoli Park, the most popular amusement park in Denmark, Fredericksborg Castle, and The Royal Theater. Hans Christian Andersen, known for his fairytales with relatable moral teachings and Karen Blixen, known for short tales and life memoir are among many famous writers of Danish literature. Soccer is Denmarks national sport, but sailing, cycling and rowing are also Danish favorites. The national language is Danish, although, many Danes can speak English and/or German at least on elementary levels. (Bendure, Glenda, and Ned Friary) The Krone is the source of Denmarks monetary exchange and the Euro has not yet been accepted, due to the nations suspicions that switching over to the Euro will have a detrimental effect on their beloved social welfare system, which the citizens of Denmark take great comfort in. Denmark maintains the oldest continual monarchy in Europe and the second oldest in the world. Queen Margrethe II is the current Queen and head of the constitutional monarchy in Denmark. She is only the second queen to rule the monarchy throughout the entire history of Denmark. The Danish community is very proud of their form of government, their royal family and their Dannebrog, which is their national flag. Danes are not a people who are easily insulted, but one way to offend them would be to criticize anything concerning their Dannebrog, royal family or form of government. (Bendure, Glenda, and Ned Friary) The subsistence strategy relied upon most in Denmark today is information. Higher education, the promotion of environmentally green solutions, literature and the fine arts are all very important to the Danish people. (Bendure, Glena, and Ned Friary) Over 77.3% of the jobs held by Danes are part of the information subsistence strategy through service-related jobs. (CIA The World Factbook) Since education is paid for by the heavy taxes the Danish people submit to, it is financially obtainable for anyone with high enough scores to continue their education into any of Denmarks universities. There are 5 universities for the citizens to choose from which include: Copenhagen, Roskilde, Odense, Aaloborg and Arhus Universities. Queene Margrethe II and her son, Crowned Prince Frederik are graduates of the elite Arhus University. Danes also have the option of continuing their education by attending community colleges or vocational technical schools. Some of the occupations that Danes are going to school for include: maritime studies, nursing, physicists, architects, social services, literature, history, religion, photography, teaching or various other information service occupations. (Bendure, Glenda, and Ned Friary) These jobs all rely on technology and tools such as computers, cameras, high-tech printers, internet connections, satellites, sterilized medical equipment, body-image scanners, reference texts, cell phones, writing utensils, specialized uniforms and printers are just a few examples of the many advanced tools that are necessary for these various fields of information subsistence strategies. For example, a teacher would use tools such as a blackboard, a computer projector, chalk, erasers, videos, books and printers in order to relay information to teach her class a particular subject. Of course, these types of tools and technology are used all over the nation in rural and urban areas, but perhaps slightly more in the densely populated regions. Division of labor can be divided up in a number of ways in regards to the information subsistence strategy. For example, a dean of a college may oversee that the college professors are following the guidelines for teaching classes from the code of ethics in their employee handbooks. The professors oversee the progress of skills and information learned by his/her students. The students attempt to maintain good grades in their class by completing all their schoolwork to the best of their ability. Division of labor usually depends on the socioeconomic status and education acquired. However, in Danish society, social caste or social status does not create an obstacle in regards to whom can do what type of career. The citizens have a silent understanding amongst one another that every individual within the nation is important and should not be treated differently whether the citizen is a doctor or a trash man. The opportunity to pursue an information career is equally welcome to men and women; gender does not hinder occupational roles in Danish society. (Bendure, Glenda, and Ned Friary) The second most important subsistence strategy amongst Danish society is industrialism in which some 20.2% of the population is employed. (CIA The World Factbook) Some examples of the products manufactured are ships, boats, ceramics, silverware, furniture, chemicals, paper, fish products, dairy products, canned ham, electronics, textiles, concrete, marine engines, radio and communication equipment, toys, glass, pharmaceuticals, agriculture/forestry machinery, electrical products and diesel engines. Most of the industrial facilities that produce these Danish goods are located in more urbanized areas throughout the country. Many of these products require special skills used by laborers that have been trained at either a vocational school or through a type of apprenticeship training program paid for by the Danish government. Particular tools and equipment are necessary for creating these products that can include: pulleys, compressors, mixers, castes, hammers, nails, scissors, ovens, k ilns, saws, test tubes, Bunsen burners, beakers, glue, electrical wiring, assembling machines, counting machines, computers, charts, slicing equipment, turbines, converters, nets, sails, anchors, food processors, milking machines and generators. (Bendure, Glenda, and Ned Friary) For instance, if a plant is producing paper products, large, metal rollers, would need to be used in order to press the paper into the desired thickness. Also, mixers would be used to stir and prepare the paper pulp in order to pour it into the appropriate screening containers. A specialized machine would be necessary to wrap the finished paper product for distribution and sale. Distribution of labor depends on experience, skill level and seniority of the workers involved in the particular industry. Owners of factories and heads of departments oversee the quality and efficiency of production, which is reported from the supervisors. Supervisors organize, direct and monitor manual labor workers in their duties. Manual labor workers attempt to create products at a company-desired rate and quality, while not bearing the responsibility of their overseeing their co-workers. The third of the most important subsistence strategies used in Denmark consists of agriculture. The main products grown in The Kingdom of Denmark include: sugar beets, barely and wheat, grains, rapeseed, fruits, vegetables and flowers. (Bendure, Glenda, and Ned Friary) Agriculture is most commonly practiced by only 2.5% of the population and is normally achieved in rural areas of the country. (CIA The World Factbook) Training apprenticeship programs and information passed down through family generations are used to teach agricultural methods. (Bendure, Glenda, and Ned Friary) Some technologies used for agriculture include items such as combines, separating machinery, generators, irrigation systems, planting machinery, tractors, plows, fertilizing distributors, storage units and computers for analyzing crop quantity and quality. Irrigation systems are used to water the large expanse of crops, plows are used to till the land for preparation of planting seeds and computers are used to keep record of seasonal harvest yields and perhaps even profit margins. There are over 60,000 family-owned farms in Denmark (Bendure, Glenda, and Ned Friary) and the division of labor is shared by the family and or corporation that own the farms along with the hired employees who are used for cleaning and fixing equipment, sorting crops, running machinery, irrigation and maintaining the health of the crops. The family or corporation of the agricultural operation oversees the employees or hires a supervisor(s) to ensure that the agricultural laborers are working efficiently. The supervisors or owners of a farm may calculate the quantity of crop and the value it yields per season. The agricultural land owners or supervisors also may keep track of the laborers improvement or lack of effort on the job. The farm laborers will tend to any manual labor that the agricultural operation needs completed while only having to be responsible for their individual production. The division of labor in agriculture is based mostly on skill, seniority and ownership. The fourth most important subsistence strategy in Denmark is pastoralism of which is included in the 2.5% of the nations population that maintains a career in agriculture. (CIA The World Factbook) The animal goods raised and produced in the Kingdom of Denmark include: canned ham, butter, cheese, fish oil, fish meal and milk through the use of fish hatcheries and typically family-owned farms. As in the agricultural subsistence strategy, pastoralism is either passed down through families or learned through an apprenticeship training program. (Bendure, Glenda, and Ned Friary) Some tools used for pastoralism include: fences, watering/feeding troughs, barns, herding rods, milking machines, slaughtering equipment, medical tools, labels, hoof clippers, lead ropes, halters, hoses, generators, heaters and computers. Fences are used to keep the livestock confined to a desired location, animals are put in barns to protect them from predators and the occasional harsh outdoor elements and heaters may be used in the barns to keep a sustained temperature that is more suitable for the livestocks health. As in the agricultural subsistence strategy in Denmark, the division of labor amongst workers in pastoralism is based on skill level, seniority and ownership. For example, the owner of a herd of swine may hire a supervisor or herd manager in order to keep track of the manual laborers and also the efficiency of herd quality, health and maintenance. The owner of the swine operation may calculate yearly profits, upkeep costs and decide what to pay employees based on their skill levels. The employees without management skills, the hired hands or basic herd tenders will be responsible only for the safety, feeding and order of their set group of livestock that they are to have authority over. Denmark has a centralized political organization and maintains a constitutional monarchy as a political model. A constitutional monarchy can only be led by offspring of the current king or queen after he or she is deceased. It is a requirement for the king or queen of Denmark to be a member of the national church. A single-chamber parliamentary runs hand-in-hand with the constitutional monarchy. The prime minister, currently known as Lars Lokke Rasmussen, leads Denmarks political organization with the indirect support of all 179 parliament members and direct assistance from the cabinet ministers who lead numerous political departments throughout the nation. Voting age in Denmark is 18 and all parliament members are elected for a term of 4 years, unless state minister forces a new election before the 4 years is completed. It is the duty of the members of parliament to come to consensus on decisions to enact or not enact new legislation and the duty of the prime minister to carry the d ecision to action, however new legislation cannot be enacted fully until Queen Margrethe II writes her finalizing signature on it. There are typically around 12 political parties that make up the single-chamber parliamentary system of the Danes. The top 2 of these major political parties consist of Social Democrats and Liberals-a right-of-centre part. Social Democrats seem to be the most popular considering the fact that they are tied heavily to the belief that all Danish citizens should be granted security by maintaining the comforts of social-welfare programs, but of course, these are safety features only made possible by very high taxes to the Danish people. (Bendure, Glenda, and Ned Friary) The royal constitutional monarchy headed by Queen Margrethe II has control of the executive powers, while legislative powers are for the most part, granted to the parliament and judicial powers are carried out by the courts of Denmark. Denmarks military branches include: a home guard, an air force, a navy and a national rescue corps. Military members are usually enlisted for 4 months to a year of service. During war times, the Danish military acquires 58,000 members, but during peace times, there are roughly fifteen thousand participating members. The Danish military ranks are usually based on mandatory enrollment in order to be ready when an emergency arises. Denmarks police force has about 10,000 law enforcement officers who are known for their more civilized, calmer approaches to domestic disputes by using advanced communication skills and maintaining close, positive relationships with the overall communities they work in. (HOG, ERLING, and HELLE JOHANNESSEN) One form of internal political control in Denmark is the enforcement of laws through the judiciary court systems. Although, crime in Denmark is very low and it is not normal for a Dane to even consider breaking the basic laws of the land. An example of externalized political control would be the decision of the Danish Parliament to not accept the Euro as Denmarks new currency, even though Denmark is a member of the European Union. Internalized political responsibilities of Denmarks parliament involve the maintenance of social welfare programs that protect all Danish citizens regardless of socioeconomic status. The externalized responsibility of the parliament consists of maintaining peaceful political connections with the European Union and other nations in regards to preserving a secure way of life for its citizens and also keeping a cohesive relationship with national allies for added protection. After all, Denmark is a very small nation and it would be beneficial to preserve as mu ch peace with as many nations as possible. (Bendure, Glena, and Ned Friary) The economic system of Denmark is based on negative reciprocity due to the use of capitalism throughout the nation. Capitalism is used by the Danes to generate profit through sales of products from private businesses and corporations to customers. Redistribution is also used throughout the Danish culture in the form of health care and educational needs. Danish pay high taxes that allow them to enjoy the freedoms of free health care and education of any type. This allows the Danish citizens to give and take as they need, for example, all citizens are taxed regardless of how much income they generate, but it is possible that not all of them will use the free education opportunities or the free health care services during their lifetimes. (Bendure, Glenda, and Ned Friary) Market exchange is also used through capitalism in Denmark in regards to having the freedom to set up a private business and gain profit from it without limit, which is a prime example of capitalistic market exchange. Denmark uses both socialism and capitalism, but the predominant economic system would have to be capitalism. This is true, because Danes are free to pursue their own interests through careers that will allow them to generate profit without limit to the individual. Although, socialism is prevalent in the way Denmark controls and maintains social welfare for the citizens in order to provide free and easily accessible, equal-quality health care and education to all Danish citizens regardless of social or economic status, gender, religion or ethnicity. (Bendure, Glenda, and Ned Friary) The primary economic sector, which involves extraction of resources form the land, also known as mainly agriculture in Denmark, makes up 2.5% Danish employment. (CIA The World Factbook) A few of Denmarks exports consist of canned ham, butter, cheeses, beer and processed fish products of which are brought forth through agriculture, pastoralism and industry. (Bendure, Glenda, and Ned Friary) The nations secondary economic sector, which involves processing of goods, also known as industry makes up 20.2% of the Danish workforce. (CIA The World Factbook) Denmark manufactures machinery, chemicals, furniture, electronics of which are exported all over the world. (Bendure, Glenda, and Ned Friary) The tertiary economic sector, which involves services, makes up 77.3% of the working Danish population. (CIA The World Factbook) A few of Denmarks popular service industry jobs are found in the fields of architecture, nursing, teaching, physics, environmental science, literature and social sciences. Denmark enjoys the highest Gross Domestic Product in Europe and maintains one of the highest standards of living for its citizens compared to all nations in the world. Unemployment is very low and over half the country is employed with the reassurance that health care and education will not be a challenge to pay for. Denmark relies heavily on the income from its exports and puts a great deal of value on maintaining its social welfare programs. (Bendure, Glenda, and Ned Friary) Denmarks most common religious organization is Evangelical Lutheran, of which over 90% of Danish citizens belong to. Evangelical Lutheran is a denomination that is part of a national church, supported by the state called the Danish Peoples Church. Only about 5% of Danish people actually attend church weekly; most Danes only participate in church services during important religious holidays such as Christmas or Easter. Evangelical Lutheranism is a monotheistic religion, which means that they worship only one god. (Bendure, Glenda, and Ned Friary) Other religious organizations that exist in Denmark consist of Catholicism, Judaism and Islam, which also practice monotheism. Also, a small percentage practice forms of religious organizations such as Buddhism, Sikhism and Hinduism, which promote polytheism, the worship of many gods. It is ironic that the overall Danish society does not have a strong faith in the god or gods of their religious choice, yet at birth most of the country is automatically enrolled as a member of the national church, also known as the Danish Peoples Church. Their enrollment is expected unless they belong to a religion other than Evangelical Lutheran. It is a requirement that the current king or queen of Denmark be a member of the Evangelical Lutheran religious organization. (HOG, ERLING, and HELLE JOHANNESSEN) Danish churches are typically located in close proximity to all Danish towns and are encompassed by graveyards. Evangelical Lutheran religious organizations have sermons and worship in churches on Sundays. Their ceremonies include a minister, a servant, an organist and a cantor. Evangelical Lutheran important ritualistic ceremonies include: weddings, confirmations, funerals and baptisms. It is expected that most Danish churches have fairly low attendance rates during Sunday services. (HOG, ERLING, and HELLE JOHANNESSEN) Throughout the Danish social organization, monogamy, the practice of marriage to single spouse, is the most accepted and nationally predominant form of union. Marriage is important in regards to the most common form of religion in Denmark, Evangelical Lutheranism, yet because Danes are not known for being highly involved in the practices of their religious organizations, there is a loose view on marriage and when it should be chosen, if at all. It is common for a Dane to cohabitate for years, have offspring and not be married until many years after. Therefore, it is not uncommon for Danish households to have illegitimate children born outside of wedlock. (Bendure, Glenda, and Ned Friary) If Danes do decide to marry, it is usually not until they are in their very late twenties or early thirties. Danes do not participate in arranged marriages, an event where parents choose a marriage partner for offspring, instead, single Danes choose their own marriage partners through the anthropological term love match. Endogamy, marriage created within ones own organized cultural group, is practiced in Denmark as well as exogamy, marriage outside ones own organized cultural group. Most often, Danes marry other Danes of their own ethnicity, yet those who choose to marry outside of Denmark or ones ethnicity is not condemned within the Danish societal organization. (Bendure, Glenda, and Ned Friary) Post-marital residence, pertaining to where a bride and groom reside after their marriage ceremony, only pertains to the Danish societal organization in the sense that marriage partners typically practice neolocal forms. A neolocal form of post-marital residence can be defined as the event of taking residence in a home that is set apart from the married couples families. Other forms of post-marital residence, such as patrilocal, the act of a married couple living close to or with the married males family of his father, or matrilocal, the practice of both marriage partners residing with or in close proximity to the married females family of her mother, are not commonly practiced. Marriage in modern Denmark societal organization, is not required, nor is it a high priority. (HOG, ERLING, and HELLE JOHANNESSEN) Therefore, post-marital residence is not of great importance, It is only on a neolocal sense, considering that Danes learn to be very independent at a very early age, while maintaining a close-knit family on an emotional level. The most important family type for Danes is the nuclear families containing dependent children, a wife and a husband. Even though the idea of marriage in the Danish societal organization is very loose and laid-back, out of all couples living together in Denmark, most of them are in fact married. Extended family, consisting of aunts, uncles, cousins, grandparents and other individuals with marriage or blood relating them, are also important, but not as high a priority as the nuclear family. Most Danish nuclear families are small, having two or less dependant offspring. Privacy is valued greatly by Danes, especially when it comes to the nuclear familys home. It is rare for a Danish family to invite a guest to their home whom they have not known for a great while . (Bendure, Glenda, and Ned Friary) Each of the nuclear family members generally has their own private room in the home along with the rooms for meeting, such as the kitchen and larger family rooms. In Denmarks societal organization, descent is traced by using a lineage, which is used by connecting all ancestors back to a single, original ancestor. Descent in Denmark is traced in this way, because last names are important links to ancestry. Although last names are taken from the male within a married couple, patrilineal descent, tracing only by acknowledging male individuals as ancestors, is not used, because all genders are included when tracing Danish ancestry. (Bendure, Glenda, and Ned Friary) When referring to kin, relatives connected by marriage or blood, Danish citizens value ties with both the mothers and the fathers side of the family, which is called bilateral kinship. Bilateral kinship is important for Danes, because both nuclear and extended family, regardless of mother or fathers side, builds a cohesive unit of strength emotionally, sometimes financially and offers support that is not commonly expected outside of family ties. National polls and summaries do not generally include information in regards to socio-economic classes, instead Denmarks citizens are divided up into 5 social layers. These social layers consist of subcategories within each layer. (HOG, ERLING, and HELLE JOHANNESSEN) The first social layer consists of corporate owners, employees of the educational system and anyone that has over 50 workers. The second social layer involves academically professional owners of businesses, agricultural owners with at least 4 employees and corporate owners that have over 6 workers. The third social layer includes small business owners, individuals with employment that calls for special skills and agricultural owners with a limit of 3 workers. The fourth social layer is made up of employees containing academic training, owners of small plots of land and experienced employees. The fifth social layer consists of employees with no special skills or experience. (HOG, ERLING, and HELLE JOHANNESSEN) Denmark, as a social organization, is very tolerant of other peoples ways of perceiving life and is considered to be outgoing and well-educated. Danes are very accepting of homosexual marriage and equality of the sexes. Denmark was the first European nation to allow for legal gay marriages within its borders offering homosexuals the majority of rights granted to straight married couples. Danes are very conscientious when it comes to preserving a clean, toxic-free environment. (Bendure, Glenda, and Ned Friary) A recent news article summarizes a protest put on by Greenpeace activists at the Environment Ministry in Denmark. This article was used for this research paper, because Danes are very involved in environmental policies in regards to keeping the planet as clean and sustainable as possible. The article was personally interesting, because Denmark is one of the most environmentally conscious nations on the planet and I was curious to see how they react to the disposing of harmful waste products. The Greenpeace activists were protesting the transport of a poisonous pollutant called HCB from an Australian company named Orica. The Kommunekemi in Nyborg, Denmark is one of a small number of companies in the world that is able to incinerate the hazardous carcinogen, HCB. The Greenpeace activists argued that hazardous waste materials should be incinerated closer to the point to which they are processed. This is just one of many examples of the Danish cultures desire for a cleaner and greener pl anet. (Greenpeace Goes Aloft to Protest Transport from Down Under) Danes are also known to love their most famous amusement park, Tivoli. This amusement park is located in Copenhagen and is the most popular attraction in Denmark. The park was built in 1914 and maintains a dà ©cor and cuisine that is based on the historical, traditional Danish culture of the time the park first opened. Some Danes pay the parks entry cost just to eat at a few of the thirty-seven restaurants within the park. The park has roller coasters, games, gardens and various amusements and entertainment. (Copenhagen, Denmark) Danish people are in love with the concept of social gatherings combined with eating and the two almost always go hand-in-hand. It is customary for a Danish household to always have tea, chocolates, pastries and cheese just in case guests arrive unexpectedly. Their meals often consist of three or more courses and it is considered a crime to oneself to not savor and take time to enjoy ones meal. Danes love rich, whole foods of which often include broiled or marinated fish, thick and creamy cheeses, hearty breads, substantial gravies and delectable deserts. Hot tea is often served with milk and honey and it is customary to leave the last bit of food in a main communal dish when eating. This is a symbolic action of politeness to show that nobody is selfish or rushed during the meal. The Danish culture is known for being one of the happiest cultures on earth. They are generally friendly, warm and open to communication with strangers. Recently, Denmark has incorporated many American concepts, products, stores and fast-food conveniences into their societal organization. Unfortunately, they are also gaining a few of the health problems that are associated with the introduction of American culture into their nation. However, despite the Danes cultural borrowing, they still have a strong sense of uniqueness through a proud society that shows compassion for its citizens and welcomes visitors. (Waldron, Julie)

Role of Marketing Staff

The Role of the Marketing Staff DONALD R. LONGMAN Business management [S increasingly dependent upon marketing to gain enduring competitive advantage. This article describes the rich opportunities for success presented by a change rn the approach to marketing stafF work and acquisition of professional personnel for it. GREAT DEAL has been written in recent years about the marketing concept. We may expect to see much more; for competition in American industry is increasingly centered in marketing-. This is a substantial change from the situation only a few decades ago. Success then hung on creative skill in evolving substantially new types of products, new production processes, new efficiency systems. Each step forward in these areas produced relatively strong and enduring competitive advantages. This is much less true today. Mass training of skilled research and development men and of production engineers, increased mobility of manpower, and mass communication at the professional level have all served to spread technological know-how with amazing speed. Competitors employ research men and engineers of parallel training, professional contact, and skill. If one company's team seems relatively inept in the competitive battle, it is still possible to call upon a superior group of consulting engineers for help while a new team is being built. Under these conditions, competitors quickly identify and match successful innovations made by any company in their field. They may even improve on the original innovator's ideas. It would be vain to suppose that even such corporate giants as Esso, U. S. Steel, or^ General Motors could gain and hold for long a major competitive advantage in product or manufacturing process. Indeed, it has become common practice to grant licenses to competitors on a royalty basis, thus removing technical innovations as a basis of competitive advantage in the market. Competitive Opportunities It^ is this comparative equality in production skills that is forcing a shift in the weight of competition to marketing. Marketing is still a relatively unexplored area. Our customers are so many, so scattered, and so nonhomogeneous in nature and in demands that they are difficult to understand. We are not even sure how we can best serve them economically and efficiently. Changes are still commonplace among big, well-established companies in such basic elements as channels of distribution, discount systems, warehousing arrangements, and service policies. Such changes grow as much out of uncertainty and insecurity m marketing decision as out of changes in the market itself or m marketing institutions. Marketing offers a rich area of opportunity for competitive advantage, richer today than that offered by any other phase of business. But if a company is to seize this opportunity, a lot has to be done. 29 30 Journal of Marketing, July, 1962 Requirements for Efficient Marketing 1. A Sound Understanding of the Market First, it is essential to acquire a comprehensive understanding of the market itself. This is a matter of getting the facts, completely and accurately. One has to know the exact size of the market and its geographical distribution. One must know who make up the market, the numbers and kinds of people. Where do they buy, in what quantities, how often, why? What products are available for them to choose among? What are their characteristics, their prices, tbeir patterns of distribution? What are the products used for, what satisfactions do they provide? Why is one brand chosen over nother; and why do people change in their choices? There is so much that needs to be known, and known well. How else can we think constructively of the marketing process until we have a solid grasp of the facts, a sure sense of perspective? The truth is that little effort to think constructively about marketing was made during the decades when competitive success was estab lished by production efforts. Systematic collection and analysis of marketing facts have been undertaken, even by the largest and most progressive companies, only during the last fifteen or twenty years. Indeed, the evolution of marketing, research may serve as n index of the shift in competitive pressure toward marketing. We possess today the tools and techniques for acquiring quickly and efficiently almost all the basic data necessary to provide executives with a sound perspective in marketing. Yet marketing research is still inadequately utilized; there is ample room even now for a company to gain major marketing advantages over competitors simply by superior knowledge of the facts of the business. The 10,000 professional marketing research men today are probably not a third of the number we may expect when marketing has been developed to a peak of fficiency comparable to production. 2. Innovation The second requisite to superior marketing lies in innovation. There is no progress in acceptance of routine, in copying competitive practices, in turgid operation. Indeed, in the fiuid environment of marketing, with changes in policies, practices, and procedures borne no more of creative thought than of uncertainty, the well thought out, tested innovations may prove extremely rewarding. We must be prepared to consider alterations, often radical changes, in methods and policies. We must become creative, cultivating a flexibility of mind that seeks and considers ew approaches. We must be prepared to reexamine the basic premises upon which our policies rest. We must begin to ask the fundamental questions and to fix them in our mind, looking, looking always for new answers. There exists a unit expected to devise and explore new ideas in the production area. It is supposed to suggest innovations, to challenge current practices. It is staffed with men of imagination, men of specialized education, men whose minds are constantly stirred and challenged by contacts with ba sic research scientists in our universities, foundations, and government units. They are in continuous ontact with other professionals throughout the country, often in other countries, and are constantly stimulated by the ideas and exploratory efforts they encounter in a wide variety of industries. They are Research and Development men. There is no comparable unit in marketing, even in companies whose marketing costs far exceed manufacturing costs. The nearest marketing pai'- allel'is to be found in advertising agencies. These owe their independent existence to the very fact that creative imagination and innovation are obviously essential to advertising; and even the largest advertisers do not provide in their marketing rganizations a climate conductive to high quality creative work. But the advertising agency is concerned fundamentally with only one of many marketing activities. It is not well equipped to serve as the creative arm for the entire marketing function. It is not paid e nough to do the job; nor is the company advertising manager who works with the agency so positioned in his own company that he could spark the creative effort for the entire Marketing Department. This means that a new and different unit is needed to function within the company itself. It must be staffed with men of creative minds, trained n seeing and exploring possibilities not clear to others. They need to be observers of marketing in all of industry, stirred and challenged by professional association with creative men in universities, consulting firms, everywhere that pioneering thought g-oes on. They must imagine, synthesize ideas, experiment systematically. They may be engineers exploring the application of operations research to warehousing. They may be psychologists studying the foundations of sales- †¢ ABOUT THE AUTHOR. Donald Longman is Vice President and Director of Research for the J. Walter Thompson Company, New York. He is President f the American Marlteting Associ ation and Chairman of the International Marketing Federation. In earlier years Dr. Longman was a university professor and a government executive. He has held senior positions in business in both line and staff capacities. He is the author of a number of books and articles. The Role of the Marketing Staff 31 men's or dealers' morale and motivation. They may be marketing researchers probing ways to break old consumer buying habits and build new ones. They may be systematically testing consumer responses to a range of product styles, flavors, or scents. They must be the Marketing R and D. . Scientific Approach to Decision Making The third major requisite to superior marketing lies in hard-headed, scientific decision making. This requires a solid grasp of the facts of a business through research and through experience. More important, it requires imagination, perceptiveness, thoroughness, objectivity, analytical skill, and emotional stability. Few people acquire all these traits in the normal course of their lives; our marketing executives today introduce large portions of emotion, hunch, habit, and haste in their judgments. But needed qualities can be developed as a matter of explicit training. In increasing measure they are being developed in the best of our Schools of Business. Decision making is extraordinarily complex in the marketing field. When decision is required between alternative policies or procedures, it is necessary first to grasp fully and completely the exact nature of the alternatives and all their implications. It may seem simple, for example, to select a brand name for a new product; but this is only true for one who does not know both the values and dangers in a name. A name can convey a sense of quality, lend itself to easy recall, facilitate effective advertising, express values to be received in use; n sum, it can secure a privileged competitive position to its owner. Or it can be easily ridiculed or played upon, fail of copyright, be subject to confusion with other names, and so on. In truth, there are scores of facts to consider in selecting names, a wide variety of criteria to employ in judgment. There is a lot at stake. If this is true of names, i magine how much more true this is of issues concerning pricing, packaging, discount systems, employment and motivation of salesmen, advertising themes, and so on and on. Each issue must be studied objectively, its implications uncovered. All the facts relevant to ecision must be marshalled. The possible effects of alternative courses must be weighed. Experimentation or testing may be considered. This is the slow, arduous, but hard-headed and scientific approach to decision making. This is the way to confident action, desirable any time but mandatory when significantly new, creative innovations are put into effect. Those of us privileged to have close contact with marketing management over the past twenty years have seen a slow but steady progress toward this kind of decision making. Arbitrary, hasty, â€Å"seatof- the-pants† decisions based on hunch, enthusiasm, nd personal preferment for the individual advocates of one course are becoming less common. Yet there remains much room for improvement in decision making today. 4. Efficient Administration The fourth requisite to marketing success lies in efficient administration—the daily execution of policy and practice, the employment of facilities and men, the operating job. This is the field of marketing performance, so obviously necessary that it could not be overlooked. Here the need is for inspiring leadership of men, operating drive, astute supervision of performance in every detail, the building and aintenance of a morale that instills a motivation in the doers of the marketing job. Broadly speaking, marketing can claim credit for superior performance in this area; it has been given thought and attention at a senior business management level. By the same token, it is the marketing requisite least rich in opportunities for improvement and, therefore, least likely to yield a competitive advantage in marketing. The very obviousness of the need for sound administration has tended to obscure the nee d for the other three basic requisites in marketing—a full understanding of the market itself; the development f creative, new ideas or innovations; the making of decisions on a hard-headed, scientific basis. Administration is a big job, involving, the employment and supervision of hundreds, even thousands, of people, as well as the purchase, maintenance, and operation of equipment and facilities of countless kinds. And the huge expenditures for marketing lie under the administrator's control. Small wonder, then, that marketing administration was equated with all of marketing, until increasing competitive equality in other areas forced people to study more seriously the nature of the marketing function. Sound administration is a fundamental component of marketing, but is far from all of it. It is the operation of a gigantic â€Å"machine. † This marketing machine works on the materials provided it, and under the policies and procedures set for it. The machine operator, skilled as he may be in his function, is rarely qualified alone to conceive, test, and decide upon new ideas, on new policies and procedures. He is not an innovator. He is not a researcher. He is not a trained and objective decision maker. These are different problems, requiring skills and training different from his, perhaps even a different temperament. A New Organization of the Marketing Function The slowly growing recognition that marketing management requires much more than administra32 Journal of Marketing, July, 1962 tive skill has led our largest and most progressive companies to bring a new kind of man to the Marketing Vice Presidency. He tends to be more thoughtful, sometimes skilled more in handling ideas than in handling men. He is more objective, analytical, less emotionally involved in his assignment. He has begun demanding research—searching for ideas, thinking of both â€Å"strategy and tactics. † The basic administrative management of arketing, the line operating responsibility, is being delegated to a subordinate General Sales Manager or Director of Field Sales Activities. Concurrently, staff departments in marketing have grown in number and influence. New units have appeared. We now have Product Managers, Marketing Operations Managers, Research Managers, along with the older Advertising and Credit Mana gers. Even Marketing Accounting and Marketing Personnel Managers may serve as members of the Marketing Stafif. Functions and Operation of the Marketing Staff The functions of these several staff groups have not been clearly crystallized as yet. Broadly speaking. , most of them are supposed to study all phases of the company's marketing operations in the area of their specialization; keep the Marketing Vice President closely posted on trends and developments in their areas; check performance efficiency; and recommend policy or procedure changes when they seem needed. Thus, the Product Manager for a particular product keeps closely informed on all competitive conditions affecting his product, observes regional and district sales performance on the product, notes obstacles to sales success, and proposes means of overcoming them. The Operations Manager concerns imself with the supply, maintenance, and efficient performance of all physical facilities, stores, warehouses, delivery systems, etc. As a superior specialist in this area, he advises the Marketing Vice President on ways to improve efficiency and service, and to cut operating costs. The same kind of work is done by the Credit Manager, the Marketing Accounting and Personn el Managers, and the Advertising and Sales Promotion Manager. Collectively, the staff managers cover all the difiierent functions in marketing. When these Departments were set up, it was natural, of course, to staff them with young men ho had proved themselves successful in the company's marketing activities. So, they were drawn from the ranks of the administrators. Generally this is still true, for this is the logical source of men and these jobs are still not clearly enough defined to suggest the need to look elsewhere. But this will change, indeed is in the process of change. It is not enough for the Product Manager or Operations Manager to serve as an observer of operations, to be an administrative second-guesser in a particular area of specialty. This would be a most routine approach to a job, unworthy of senior personnel. Rather, the staff Manager and his assistants must use their advantageous positions to acquire all relevant information affecting their functions. They must assimilate, analyze, and evaluate these data constructively. They must add to this, the stimulus of wide-ranging contact and observation of their industry and of many others. They must cultivate a flexibility of mind inviting new ideas. They must become creative—considering all manner of policies, procedures, activities which can add to marketing opportunities or improve service and increase efficiency. They must develop and explore their creative deas, testing mentally or in the market place those which seem most promising. In handling such tasks, they develop habits of thoroughness and objectivity, making scores of decisions on the basis of a scientific approach. They are truly staff experts— observing, creating, testing, recommending ways of doing their part of the marketing job better than it has been done before . This is the basic job of the Product Manager. Concentrating all energies on the one product or product line for which he bears responsibility, it is his job to conceive new and better ways to market it. His work may lead to recommended product odifications, package changes, price or distribution revisions. He may study advertising, promotion, guarantees, and service, and come up with new recommendations. He is the innovator, the preliminary decision maker, working from intimate knowledge of all relevant facts. The same is true of the Marketing Operations Manager. He is studying the nature and design of his retail outlets, the number and location of warehouses, the packing and order-filling system, the volume and distribution of inventories. He has scores of subjects to study, each offering opportunities for significant improvement. If he can nly conceive a better type of retailing equipment for his stores, a better system of truck scheduling, a finer system of production-distribut ion coordination, he can strengthen his company's competitive position and add to its profits, just as can the Research and Development Manager or the Production Manager. What is true of Product and Operations Managers is just as true of the Advertising, Sales Promotion, and Public Relations Managers. It is just as true of the Marketing Personnel Manager. By use of cost analysis, the Marketing Accounting Manager can make significant contributions to policy on reas of operation, channels of distribution, a quantity discount system, and a hundred other things. We need an explicit, articulated understanding that this is the job of the Staff Manager. We need The Role of the Marketing Staff 33 to recognize formally, and afiirmatively that innovation and scientific decision making is the particular province of these men . . . that collectively they represent a kind of R and D for Marketing. The Staff as Professionals When this is done, we will have a very different set of specifications f or men to fill these jobs. They must possess keenly analytical but highly fiexible minds. They must be imaginative, creative. They must be objective, thorough, trained in the scientific approach to problems. They must know the rudiments of collection, assimilation, and evaluation of data. They must be well informed, with wide contacts in industry and education. In a word, they must be professionals. Broadly speaking, this is the kind of background and training we find most often today in marketingresearch men and consultants. This implies that in time most senior staff positions in marketing will be research positions. After all, research, viewed broadly, is nothing more than the systematic, horough, objective examination of a problem; the orderly acquisition of all relevant data bearing upon it; and the meaningful, creative evaluation of the data in terms of conclusions and recommendations. This is, indeed, what is expected of Marketing Staff Managers. With further passage of time, however, the specific functions of marketing research will be narrowed. Today anyone engag ed in simple fact gathering may be called a research man. Ten years from now, however, the term prohably will be reserved largely for those who by long, and specialized training have mastered the more complex and intricate echniques of research. They will be the specialists in sampling, in operations research, in projective techniques. The Marketing Research Department will not be large, and it will carry out its work on a service basis for all the Marketing Staff Managers. The changes ahead are already very much in the process of being made. Product Managers, Advertising Managers, staff men of every kind are addressing themselves ever more seriously to their Jobs, going farther and farther beyond routine, specialized, administrative observation and suggestion. They are getting into their jobs more deeply han ever, and so they feel impelled to creative and decision making roles. And more and more such jobs are going to research men and to men whose training and temperament commend t hem for a research approach to business. The trend will quicken as there is more widespread specific recognition and articulation of the ultimate character of staff work. MARKETING MEMO We Are Already Living in the Future . . . ^ Are you enjoying your life in 1985? Through no time machine, via no crystal ball, we are, today, living lives accurately predicted by early science forecasters and science fictioneers—but predicted for about 1985. Our age is a good quarter of a century ahead of its time, thanks to developments that would have waited many more years—except for urgent military necessity. Many of us resent defense spending. We begrudge its existence as a necessary waste that helps insure freedom, but yields no tangible return. How wrong we are! Our defense research dollars, aimed at strengthening our military muscle, are pushing civilians toward richer, healthier, safer, more convenient living. It was military money that led to the development of the safety door lock and the low-profile anti-skid tires now on many new automobiles. Military necessity mothered rainwear that remains indefinitely repellent to water, oil. and grease despite repeated laundering and dry cleaning. ^John G. Hubbell, â€Å"Life in 11)85 Today,† reprinted by permission of Quest . . . for tomorrow Magazine, Vol. 2 (Summer, 1961), p. 14. 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Womens Rights at the Turn of the Century

Women’s Rights At The Turn Of The Century Elisha Enlow 11/24/2012 â€Å"I am woman, hear me roar,† (â€Å"Helen reddy -,† ) was definitely not a term known to the American way of life at the turn of the century. Women were nothing more than shadows of their husbands and the housekeeper of the home and children. Fitting for the term â€Å"barefoot and pregnant,† as that was the common role of most women. With many battles before them there were courageous women that would not settle, but laid the foundation that paved the way for women to experience a life beyond the shadow of the husband and the walls of the family home.A woman’s place would eventually begin to evolve, but this was a long tedious process that took years of stepping out and declaring their own freedom and rights separate of that of their husbands. During the turn of the century there were many things a woman could not legally do. They could not vote, hold public office in any state, have access to higher education and were even excluded in the professional workplace. The law had accepted and established a woman’s place was in the home, and her legal identity was that of her husband. Therefore, she could not sue, or be sued, nor could she make a legal contract or own property.She was not permitted to control her own wages or gain custody of her children in the event of a separation or divorce (Womans Rights). There were many influential women, even in the late 1700’s that had a vision for more. Catherine Beecher (1800-1878) and Sarah Hale (1788-1879) were part of the first efforts to expand women’s roles through moral influence. Beecher, the eldest sister of Harriet Beecher Stowe, was one of the nation’s most prominent educator’s prior to the civil war. Hale led the successful campaign to make Thanksgiving a national holiday, and also composed the well-known nursery rhyme â€Å"Mary had a Little Lamb. Frances Wright (1795-1852 ), a Scottish born reformer and lecturer spread her radical ideas about birth control, brought divorce laws and legal rights for married women. Then the first women to receive a degree in medicine was Elizabeth Blackwell in 1849. Phoebe Palmer (1807-1874) became a Methodist preacher known through-out the America’s and Canada (Mitz, S. , 2011). It was during the 19th century employment opportunities began to open up more for women. Women began to have fewer children and were not having them so young.The first half of the 19th century there were many improvements in women’s status, however they still lacked political and economic status when compared to men. A decade into the 21st Century, women’s progress can be seen- and celebrated, across a range of fields. Although we have not arrived yet, certain conclusions are nonetheless clear A statement made by Secretary of State Hillary Clinton at the Asia Pacific Economic Cooperation Summit, as she declared a tipping p oint for women, â€Å"When we liberate the economic potential of women, we elevate the economic performance of communities, nations and the world,† she said. There is a simulative and ripple effect that kicks in when women have greater access to jobs and the economic lives of our countries. † Greater political stability. Fewer military conflicts. More Food. More education opportunities for children. By harnessing the economic potential of all women, we boost opportunity for all people† (Ellison, J. , 2011). World War 1 affected women’s roles with a shortage of men needed to produce the massive amounts of war materials needed. Women were needed to work outside of the home.All of a sudden women and young girls could make a decent wage doing work normally done by men. This opened up a new world to many women who had lived in the countryside who were now taking jobs in the larger cities, riding buses, trains and even boats to escape poverty, or see new t hings. The war enabled them to test tanks, airplanes, weapons and perform other duties that formally had been male functions (Goodwin, R. , 2008). The 19th Amendment guarantees all American women the right to vote.Beginning in the mid-19th century, several generations of women’s suffrage supporters lectured, wrote, marched, lobbied and practiced civil disobedience to achieve what many Americans considered a radical change to the constitution. Few early supporters lived to see final victory in 1920 (www. ourdocument. gov, January 11, 2012). Progress was taking place in many different directions and avenues in the American life. Women struggling to find economic independence, and their place outside of the home proved to be a very long and challenging journey.Though there was some break-through with a few women receiving education and prestige, the doors were still not open to all. Let’s look at a timeline of a few events that had taken place that helped the movement of womenà ¢â‚¬â„¢s suffrage into present date: * 1833 Oberlin College became the first co-educational college in the United States; 1841 Oberlin awards first academic degree to three women. * 1839 Mississippi passes first Married Women’s Property Act. * 1844 Female textile workers in Massachusetts organize the Lowell Female Labor Reform Act. 1848 The first women’s rights convention in the US is held in Seneca Falls, NY. Many participants sign a ‘Declaration of Sentiments and Resolutions’ outlining main issues and goals for the emerging women’s movement. * 1849 Harriet Tubman escapes from slavery and over the next ten years she leads many slaves to freedom by the Underground Railroad. * 1859 The successful vaccination of rubber provides women with reliable condoms for birth control. * 1868 Fourteenth Amendment is ratified * 1911 (NAOWS) the National Association Opposed to Women’s Suffrage is organized. 1912 Theodore Roosevelt’s Progressive Party (Bull moose/Rep) becomes the first National political party to adopt a women’s suffrage plan * 1916 Jeanette Rankin of Montana becomes the first American woman elected to represent her state in the United States House of Representatives. * 1923 The National Women’s Party first proposes the Equal Rights Amendment to eliminate discrimination on the basis of gender. It has never been ratified (E. Susan. B. ,2011). In 1940 Eleanor Roosevelt wrote about the progress of women’s suffrage. In her own words will read the thoughts of that time. In the old day’s men always said that politics was too rough-and-tumble a business for women; but that idea is gradually wearing away. There is more truth in the statement that men have a different attitude toward politics than women. They play politics a little more like a game. With the men, it becomes a serious occupation for a few weeks before election; whereas women look upon it as a serious matter year in and year out. It is associated with their patriotism and their duty to their country. This country is no matriarchy, nor are we in any danger of being governed by women.I repeat here what I have so often said in answer to the question: â€Å"Can a women be President of the United States? † At present the answer is emphatically â€Å"No. † It will be a long time before a woman will have any chance of nomination or election. As things stand today, even if an emotional wave swept a woman into this office, her election would be valueless, as she could never hold her following long enough to put over her program. It is hard enough for a man to do that, with all the traditional schooling men have had; for a woman, it would be impossible because of the age-old prejudice.In government, in business, and in the professions there may be a day when women will be looked upon as persons. We are, however, far from that day as yet (Roosevelt, E. , 1940). In the business and professional world wome n have made great advances. In many fields there is opportunity for them to work with men on an equal footing. To be sure, sometimes prejudice on the score of sex will be unfair and a woman will have to prove her ability and do better work than a man to gain the same recognition. If you will look at the picture of Mrs.Bloomer, made a hundred years ago, and think of the women today in factories, offices, executive positions, and professions, that picture alone will symbolize for you the distance women have traveled in less than a century (Roosevelt, E. , 1940). As the end of the 19th Century was drawing nigh, the accomplishments of women was growing like never before. Perhaps technology was to help with this as more and more families were finding access. With the radio and TV industry, it was bringing opportunities to women that were new and unique. Women were cast in TV shows, and becoming household names.Radio waves were being taken over by upcoming female voices that wanted to be heard. Life was changing indeed. Was this a slow change? Yes, but it was a change that would impact the shape of America from here on. Today’s generation can only read about the suffrage of women, and I know they find it hard to believe or comprehend just how far women have traveled in America to be known. From the shadows of man (their husbands) that women once hid behind, found their identity in, and trusted to make every decision for them to the twentieth century were it is only deemed odd to not see a woman involved in just about every aspect of life.From the centers of the home and shadows of the man have emerged beautiful, intelligent, powerful women who have shaped our country and helped to make it a better place. Whether it be teachers, business professionals, athletes, war hero’s, state offices, government, lawyers, doctors, astronauts, rabbi’s, preachers, airplane pilots, musicians, artist, rodeo, it is definite true that- women have made their mark on the fingerprints of the United States and are not going anywhere. I am woman- hear me roar!Here is to all woman of the past, the present and future generations. Be confident and bold and walk in such a way that you know where you’ve come from and even better,you know where you are going. There is nothing that can stop you now, if you set your mind to it. Gone are the days of no right’s and hiding in the shadows finding identity in the husband. Embrace the value you have and press on†¦there is no way to go but forward! References Mintz, S. (2011, 12 03). Digital history. Retrieved from http://www. digitalhistory. uh. du/database/article_display. cfm? HHID=630 Godwin, R. (Janu). Helium. Retrieved from http://www. helium. com/items/785688-a-look-at-1900s-men-and-women-roles Gillett, F. H. (2008). Retrieved from NARA website: http://www. ourdocuments. gov/doc. php? flash=true&doc=63 Barber, E. S. (1998). National american woman suffrage association. In Library of Con gress. Retrieved from http://memory. loc. gov/ammem/naw/nawstime. html Helen reddy – i am woman lyrics. (n. d. ). Retrieved from http://www. lyricstime. com/helen-reddy-i-am-woman-lyrics. html

Examining The Causes And Effects Of Financial Crisis Finance Essay - Free Essay Example

Sample details Pages: 5 Words: 1489 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Cause and effect essay Level High school Did you like this example? A financial crisis is interruption to financial markets that disrupt the markets capacity to allocate capital financial intermediation and hence assets come to a cut short. Recently in 2008 the world has been affected with financial crisis. In this paper we are going to see the cause of financial crisis, how it started and effect the world. Don’t waste time! Our writers will create an original "Examining The Causes And Effects Of Financial Crisis Finance Essay" essay for you Create order And also the thoughtful and critical analysis is made for the origin of the recent financial crisis. All the articles and various volumes in coming future will explain why the crisis was actually predictable and why it should have been foreseen and the world id taking note of these warnings. Origin of Recent Financial Crisis: As we know that if USA effects with the financial crisis automatically the whole world will get affected. As we heard that recently in 2008 the world is affected with the financial crisis, now its in better condition. This 2008 crisis has been started in USA then it widely spread throughout the world. Early in 2000 and 2001 there was terror attacks on the USA, at that time USA and most other advanced economies embarked on the period of constant expansion economy policies to ward off recession. For example, during that time, the Federal Reserve had lowered its discount rate more than 27 times. So by the reduced in the discount rate, other countries like china had purchase US treasury bonds, due to this there was a rapid growth in credit. Additional rise in the house prices which further fuelled credit growth, through lending mortgage. In USA, the banks will lend mortgage to households without the necessary means to pay back loans, which took on huge proportion. The average mortga ge lend by the bank is about US$1.3 trillion (Lin, 2008). In USA, Fanny Mae and Freddie Mac the mortgage lenders had secure these subprime loans, which were sold all through the financial system as assets. They were able to issue and securitize these bad loans due to a mixture of insufficient parameter and financial innovation. And which later made difficult for the other institutions to judge the risks of these securitized mortgages and led to increase subprime mortgages. C.O.D.s and S.I.V.s, R.M.B.S. and A.B.C.P were sold on false pretences. There were promoted for making safer investment. There has to make lot of money for their creators, but instead of that they didnt have to repay. It leads to bust and spread misunderstanding, luring investors into taking on more risk than they know. In the middle of 2007 by increasing defaults on mortgages and growing number of foreclosures in the USA which signaled that the subprime market was in crisis. By which the house prices and fi nancial stock price falling down. This reduced the household assets in USA by trillions. The financial institutions like Fanny Mae and Freddie Mac and well known other institution was threatened by these defaults and drops in house and stock prices. And in 15th September 2008, the firm of Lehman Brothers filed for bankruptcy with US$39 billion in assets, which was resulted in largest in history of USA. This resulted in financial panic, with large scale of selling stocks. Due to this reaction the central had reduced in availability of credit, mainly in interbank market, which leads to fall of many institutions. Later by this effect the banks in Europe were soon affected due to the exposure of the United States financial market. As we see above there are many reasons for occurring crisis in short; easy credit, weak regulation and supervision of complex financial instruments, bad loans, loss of trust on financial institutions, debt defaulting, selling of stocks and hoarding of ca sh by banks and individuals, financial panic. Critics: The loans from the bank are sold by the originator to a syndicate of banks and some financial institutions, including insurance companies, mutual funds, and pension funds and so on. The loans which are given to them have fallen down from $659 billion in 2007 to $175 billion in the august to October 2008. Ivashina and Scharfstein find out that the fall in this form of lending because of the amount of loans outstanding by the domestic offices of USA commercial banks has increased. And there have given three possibilities. Firstly all the data on syndicated loans consists of loans which was taken by financial institutions other than commercial banks, it may be possible that financial institutions are carrying less debt. Secondly it has to be seen that all firms are repaying their debts. The firms are not forced that the funds which there get are to make investments on plant and equipment. Thirdly the firms which had taken loans from banks with some commitments are now draw ing down on these commitments. By this banks are not giving loans to other firms which are profitable. All these firms are small firms which drawn down $13 billion of their loan assurance. Even there is a big increase in the use of loan commitment; its difficult to see why that increases in evidence of a massive failure. To see why, the explanation of such commitments which represent an insurance contract between banks and firms, which allow firms to be on these commitments when required. For example, the insurance company has to pay the insurer when he requires because it has to follows the commitments given to the insurer. It does not make any sense by saying that it is impossible to use economic theory and hard proof to make sure the market failure that necessitate such a huge government interference. But the thing is rather doing that we can set alarms a little earlier, and doing the hard work needed to make the case. Problems: It is always good to have a voluntary suspension of payments, because if creditors wont accept that there should be some mandatory like some agency should play the key role on the part of both debtors and creditors. Main the scope of any delay of payments may differ from case to case, and the extent and nature of the exchange controls or other limits on capital mobility will have to be bespoke to each case too. Any selective delay raises problems, e.g.: would there be a run on debts not covered? What about cross-default clauses? It may be difficult to enforce the capital controls required for a change (but their duration should not be too long, if the management of the workout is expeditious). Offering superiority to new credits may encounter obstacle in existing pari passu clause in loan contracts. It is claimed that no workout could be fully orderly, because trade credit would solidify but that has happened anyway in the Asian crisis countries. Market participants claim that any orderly workout necessities would pose a threat to the international interbank market. But the evidence for this threat is unclear. Principles: Normally, a systematic workout of international debt will require both rescheduling and restructuring: partly the expansion of maturities, partly translation of debt into equity. It may also require writing off significant amounts of debt this has been well understood since the 19th century, however much creditors may resist it. The workout should not be a bailout of the creditors: implementation should put a high priority on minimizing moral hazard and avoiding nationalization of private debt. We have made several recommendations for contractual and institutional innovations to promote cooperation among holders of securitized debt (Eichengreen and Portes, 1995), and it is hopeful to see that these have been taken up seriously in the report of Working Group. I would stress the importance of collective action clauses and other ex ante commitments in debt contracts. I am confident that these would be worthwhile even if, as market participants claim, they would entail larger sprea ds and indeed lower levels of capital flows although I believe this claim is much exaggerated. Still, if it were correct, that would suggest that the terms have been improperly and unsustainably favorable to borrowers. Conclusion: The epicenter of the financial crisis is in the US, and this is also where the most considerable economic slowdown will be experienced. Our analysis has raised questions about the claims made for the method whereby the financial crisis is affecting overall economy. We highlight that we do quarrel that the USA is undergoing a financial crisis and that the US economy may currently be in a recession or there may be an incident in the near future, perhaps even a very deep one. We do not dispute that spreads between safe securities and risky securities have increased. Our analysis is based on availability of publicly data. Policymakers have access to other sources of data as well. Policymakers could well believe that bold action is necessary based on data that are different from that considered here. If so, responsible policymaking requires that they share both the data and the analysis that underlies the need for bold policy with the public.